A Monopolist Can Sell 26,000 Units at a Price of $10

question 67

Multiple Choice

A monopolist can sell 26,000 units at a price of $10 per unit.Lowering price by $1 raises the quantity demanded by 500 units.What is the change in total revenue resulting from this price change?

• A) $21,500
• B) $12,500
• C) $65,500
• D) -$21,500

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Definitions:

James Hutton

Known as the father of modern geology, he proposed the theory of uniformitarianism, which suggests that Earth's features developed through long-term processes still observable today.

Earlier Views

The perspectives, hypotheses, or theories that prevailed in scientific or cultural contexts before current understandings.

Geology

The science that deals with the Earth's physical structure and substance, its history, and the processes that act on it.

Traits Evolve

The process by which characteristics or traits of organisms change over generations through natural selection and genetic drift.